How are lending products changing to help borrowers in a high interest rate environment? We talked to local lender and investor Joe Selander about his investing journey, and why he made the move to a new company that allows him to offer a wider range of products that will help borrowers keep their low interest rates while continuing to invest.
- Listen to the podcast “#452: Can you Keep Your 2.8% Interest Rate? How Lenders Are Pivoting to Combat High Rates” Denver Real Estate Investing Podcast
- Watch the YouTube video.
- Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.
After graduating college in ’99, Joe worked as an accountant for Arthur Anderson. He spent the next few years bent over a desk getting as many billable hours as possible and knew it wasn’t what he wanted to do long-term. When a friend offered him a job as a loan officer, he jumped at it. As he processed the loans, he realized he could also be a customer. So, he started buying one home a year as a house hacker. He house hacked throughout the Denver area until he got married and switched to traditional rental properties.
Recently, Joe left his longtime company for Edge Home Finance. By working for a non-retail loan company, he’s able to offer his clients more loan products, from commercial loans, to fix and flips, and Home Equity Lines of Credit (HELOCs). Instead of having to go to individual lenders for each loan, Joe can serve as a one-stop shop and oversee the entire process. And since he doesn’t have to pay money for a building with conference rooms and fancy accessories, he’s able to pass the savings onto his clients. With climbing interest rates, these savings give him a substantial edge over other lenders. Check out the podcast to learn more about Joe’s products and his advice for investing in a high-rate environment.
In This Episode We Covered
- How homeowners can keep their low interest rate by renting out their home and using a HELOC to make a down payment on a new one
- Joe’s advice to his younger self: take advantage of the market and don’t be scared to do more than you think you can
- Why Joe thinks there’s a good opportunity for investors to buy now while other people are hesitating
- What Loan Level Price Adjustments are and why he doesn’t think they’ll have a big impact on borrowers
Links from the Episode
- Connect with Joe:
- Email: [email protected]
- Phone: 720-297-1845
- Chris’s Instagram
- Chris’s BiggerPockets Profile
- Chris’s LinkedIn
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